Taxes can be one of the main drags on the growth of your portfolio. That’s why tax-advantaged accounts such as 401(k) and IRA accounts can be such a boon when you’re saving for retirement. But how much should you put into these accounts as opposed to regular taxable accounts? The answer is “as much as you can” in order to minimize your tax bill, though there are a couple key constraints on how much you “can” allocate to these accounts.

There are lots of reasons to try to grow your wealth, from retirement to education to starting a business. One thing these goals have in common is that the amount of money needed to achieve them doesn’t stay constant. The prices of almost everything change over time, which is why it’s important to take inflation into account when setting your financial goals.

“Target date” funds, which gradually shift their exposures from higher-risk assets such as stocks to lower-risk assets such as bonds as their investors’ target retirement date approaches, have proliferated in recent years. (These are the funds whose names typically include a year, such as the “Fidelity Freedom 2045 Fund”.) According to Morningstar, more than $500 billion is invested in these funds. So should you put your retirement savings into a target date fund? Like many questions relating to managing your wealth, there’s no one-size-fits-all answer: it depends on your investing preferences.

When you’re thinking about how to select investments in your 401(k) account, there are often many options to choose from. Most of these are diversified mutual funds that each contain hundreds or thousands of stocks or bonds (or sometimes both). Many companies, however, also include a much less diversified investment option in their 401(k) plans: stock in the company itself. It’s an investment option that’s best avoided.